Top Florida Markets for Multifamily Construction

The Sunshine State’s major metros ranked by new supply, based on Yardi Matrix data.

Construction activity hasn’t lost momentum in Florida, with the multifamily sector powering through despite nationwide and local hurdles.

More than 38,337 units were delivered year-to-date through November, according to Yardi Matrix data. As of November, the state had more than 110,609 units underway, representing 11 percent of the national stock under construction. In the list below we’ve highlighted the top multifamily markets in Florida for construction activity, using Yardi Matrix data as of the end of November 2022.

Rank Metro Units Under Construction Units Delivered 2022 YTD Units Delivered 2021 Projects Under Construction 2022 YTD
1 Miami Metro                                   39,889                                   12,434 16,887                                                                143
2 Orlando                                   25,330                                     6,725 14,086                                                                   90
3 Tampa – St Petersburg – Clearwater                                   17,522                                     7,268 7,950                                                                   77
4 Jacksonville                                   10,291                                     3,476 3,564                                                                   39
5 Southwest Florida Coast                                     8,811                                     2,871 7,462                                                                   39
6 North Central Florida                                     3,992                                     1,507 2,741                                                                   19
7 Tallahassee                                     2,432                                        252 719                                                                   12
8 Pensacola                                     2,342                                     3,804 2,206                                                                   12

1. Miami Metro

Florida’s strongest multifamily market, the Miami Metro had 39,889 units under construction, as of November 2023. This represents a 36 percent share of Florida’s multifamily pipeline and more than 4 percent of all units under construction, nationwide, as of November 2022. This year, construction started on 3,164 units in Miami, down 81 percent from last year’s 16,387 construction start figure.

After peaking in 2021, with 16,887 units delivered, completions decelerated in 2022. A total of 12,434 came online this year, as of November, in Miami.

The largest project under construction as of November was 1 Southside Park, a 1,175-unit mixed-use development in Brickell that is scheduled for delivery in early 2025. JDS Development Group develops the 64-story project that is set to include 200,000 square feet of office and retail space, a 200-key hotel and 1,400 parking spaces. The developer secured $86 million in financing from Maxim Capital Group in June.

2. Orlando

The Central Florida metro keeps gaining attention due to major demographic expansion that furthered during the pandemic. As of November 2022, 25,330 units were under construction in Orlando, accounting for roughly 23 percent of the state’s units under construction. When it comes to new projects breaking ground, developers broke ground on 11,512 units in 2022 as of November, while in 2021 construction started on 11,832 units.

Orlando’s amplest multifamily project under construction is Society Orlando, a 484-unit mixed-use community in downtown Orlando, developed by a joint venture between Property Markets Group and Raven Capital Management. The property is scheduled for completion this fall.

3. Tampa-St Petersburg-Clearwater

Construction forged ahead in the metro, where 17,522 units were underway as of November. The figure places Tampa-St Petersburg-Clearwater third among Florida’s metros, with the total number of units underway accounting for 15.8 percent of existing stock.

By November, construction had started on 6,956 units throughout 34 properties in the metro in 2022, whereas in 2021, there were 39 properties totaling 9,125 units. The 6,956 units that broke ground this year represent roughly 40 percent of the total stock that is being built in the metro.

4. Jacksonville

Jacksonville had 10,291 units under construction as of November. Construction started on 16 projects totaling 4,364 units, below the 22 communities adding up to 5,375 units registered in 2021.

When it comes to units delivered, 3,476 units came online in Jacksonville year-to-date through November, representing 9 percent of the total stock delivered in the state in 2022. Last year, a total of 3564 units throughout 15 properties were delivered.

The largest project currently underway is the 588-unit Grand Cypress in St Johns, Fla. Developed by Gatlin Development Co., and managed by Greystar Management, the property is slated for delivery in December 2024. By August of 2022, leasing had already started, according to Yardi Matrix data.

5. Southwest Florida Coast

Even without an MSA to drive multifamily demand, Southwest Florida Coast’s multifamily market has been rapidly expanding in recent years. That being said, after the 7,462 units delivered in 2021, the market only had 2,871 multifamily units delivered in the first 11 months of 2022. A total of 176 of these units are in the working-class Renter-by-Necessity segment, while the other 2,695 target the Lifestyle segment.

The biggest project underway in the metro is the 450-unit Render Legacy Trail in Laurel, Fla., developed by FCP and Crescent Communities. The property is expected to deliver its first units in fall 2023, Ricky De Camps, director of development for Florida at Crescent Communities, told Multi-Housing News.

6. North Central Florida

The market shows growth, as year-to-date through November we have 2,206 units that started construction, whereas last year we only had 1,774. Developers were working on 3,992 units as of November.

When it comes to deliveries, we had 1,507 units delivered until November, while in 2021 we had 2,741, almost two times more.

7. Tallahassee

Tallahassee had 252 units delivered this year, compared to last year’s 719, ranking at number seven on our list. Another 2,432 units were under construction as of November, with construction started on 1,542 of them some time in 2022.

8. Pensacola

In February 2022, Pensacola ranked number three in our top 5 emerging multifamily markets. Between 2010 and 2020, Census data shows the metro’s population rose 13.6 percent.

Pensacola metro currently has 2,342 units under construction. While in 2021 developers began construction on 1,592 units, this year until November, construction started on only 468 units. There were, however, 3,804 units delivered year-to-date, compared to last year’s 2,206, showcasing significant multifamily demand in the smaller Florida market.

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